1、 1财华国际 2015 年 6 月 F8 考试分析杨言鑫首先来看看最后两道大题循环有可能出现的内容1.Inventory 循环，存货的盘点，存货计价测试，CUT OFF，2.purchase cycle 的可能性很可能更大一些而且可以关注下 control test 也是很久没有考过了，在采购这一块会不会把存货加进来！存货一定是这次考试的一个重点！采购循环和 trade payable 的结合3.Ethical 的案例题目,包括保密性，连着两次都在考察公司治理的内容，这次应该会考察道德相关的题目4.Internal audit 是否依赖，internal audit 和 external au
2、dit 的区别，是否要设立 internal audit 要考虑的因素5.RECEIVABLE 注意到函证,Depreciation, PROVISION ,ACCOUNTING ESTIMATE 考审计程序的一道综合题目，拼盘式的！另外也请关注下银行存款的审计 bank。6.CAAT 的优点，缺点7Audit risk 同样要注意到!依然有没有可能和 Audit planning,那么如果和分析性复核放在一起来考，简单的 RATIO 还是要会计算的，而且分析性复核的三个阶段也要能够回答出来的。8.Assertion 的概念，or control objective 的小的简答题,比如：lis
3、t and explain the assertion of the sales revenueAudit procedure8 个具体的概念，针对于某一余额，交易如何适用 Audit procedure,比如：explain the audit procedure such inspection ,observation, analytical review, 然后适用到 receivable，举例9.管理层声明书，持续经营，管理层对于舞弊 fraud 的责任，小点的考察要注意到那么我们再来看看有可能考查到的小点有哪些？我们以 F8 的大纲为基准，挑选出来一些比较偏又比较有可能考查到的点，大
4、家可以关注关注！21.Elements of an assurance engagement An assurance engagement performed by a practitioner will consist of the following elements:(a) A three party relationship. The three parties are the intended user, the responsible party and thepractitioner (each party is described in the key terms box b
5、elow).(b) A subject matter. This is the data to be evaluated that has been prepared by the responsible party.It can take many forms including financial performance (eg historical financial information), non-financial performance (eg key performance indicators), processes (eg internal control) andbeh
6、aviour (eg compliance with laws and regulations).(c) Suitable criteria. The subject matter is evaluated or measured against criteria in order to reach anopinion.(d) Evidence. Sufficient appropriate evidence needs to be gathered to support the required level ofassurance.(e) An assurance report. A wri
7、tten report containing the practitioners opinion is issued to theintended user, in the form appropriate to a reasonable assurance engagement or a limitedassurance engagement.2. Levels of assuranceThe following table summarises the different types of assurance engagements that can be carried out by p
8、ractitioners.3. Auditor rights and duties34. Role and function of audit committees4An audit committee is a sub-committee of the board of directors, usually containing a number of nonexecutive directors. The role and function of the audit committee should be set out in written terms of reference and
9、the extract from the UK Corporate Governance Code on the next page details what the roles and responsibilities of the audit committee should include.First though we will consider the advantages of having an audit committee. An audit committee can:Improve the quality of financial reporting, by review
10、ing the financial statements on behalf of theBoardCreate a climate of discipline and control which will reduce the opportunity for fraudEnable the non-executive directors to contribute an independent judgement and play a positive roleHelp the finance director, by providing a forum in which he can ra
11、ise issues of concern, and whichhe can use to get things done which might otherwise be difficultStrengthen the position of the external auditor by providing a channel of communication and forum for issues of concernProvide a framework within which the external auditor can assert his independence in
12、the event of a dispute with managementStrengthen the position of the internal audit function, by providing a greater degree ofindependence from managementIncrease public confidence in the credibility and objectivity of financial statements4.Importance of internal control and risk managementInternal
13、controls are essential to management, as they contribute to:Safeguarding the companys assetsHelping to prevent and detect fraudSafeguarding the shareholders investmentAuditors responsibilities for internal controlThe auditors detailed responsibilities with regard to reporting on the requirements of
14、the UK Corporate Governance Code are set out in bulletins issued by the UKs Financial Reporting Council, which are not examinable.However, in summary, the auditors should review the statements made concerning internal control in the annual report to ensure that they appear true and are not in confli
15、ct with the audited financial statements.5. The importance of communicating with those charged withGovernanceCommunication with those charged with governance is important because:It assists the auditor and those charged with governance to understand audit-related matters incontext and allows them to
16、 develop a constructive working relationship.It allows the auditor to obtain information relevant to the audit.It assists those charged with governance to fulfil their responsibility to oversee the financialreporting process, thus reducing the risks of material misstatement in the financial statemen
17、ts.The following matters shall be communicated to those charged with governance:The auditors responsibilities in relation to the financial statement audit5Including that the auditor is responsible for forming and expressing an opinion on the financial statements and that the audit does not relieve m
18、anagement or those charged with governance of their responsibilitiesPlanned scope and timing of the auditAn overview of the planned scope and timing of the auditSignificant findings from the auditThe auditor shall communicate the following:The auditors views about significant qualitative aspects of
19、the entitys accounting practices,including accounting policies, accounting estimates and financial statement disclosuresSignificant difficulties encountered during the auditSignificant matters arising from the audit that were discussed or subject to correspondence withmanagementWritten representatio
20、ns requested by the auditorOther matters that, in the auditors professional judgement, are significant to the oversight of thefinancial reporting processAuditor independenceThe auditor shall communicate the following for listed entities:A statement that the engagement team and others in the firm, th
21、e firm, and network firms havecomplied with relevant ethical requirements regarding independenceAll relationships between the firm and entity that may reasonably be thought to bear onindependenceRelated safeguards that have been applied to eliminate identified threats to independence or reduce them
22、to an acceptable level1. independenceIndependence of mind: The state of mind that permits the provision of an opinion without being affected by influences that compromise professional judgement, allowing an individual to act with integrity, and exercise objectivity and professional scepticism.Indepe
23、ndence in appearance: The avoidance of facts and circumstances that are so significant that a reasonable and informed third party, having knowledge of all relevant information, including safeguards applied, would reasonably conclude a firms, or a member of the assurance teams, integrity, objectivity
24、 or professional scepticism had been compromised.7. Agreeing the terms of the engagementThe preconditions for an audit are the use by management of an acceptable financial reporting framework in the preparation of the financial statements and the agreement of management and, where appropriate, those
25、 charged with governance to the premise on which an audit is conducted.6To determine whether the preconditions for an audit are present, the auditor shall do the following:Determine whether the financial reporting framework is acceptable. Factors to consider include the nature of the entity, the pur
26、pose of the financial statements, the nature of the financialstatements, and whether law or regulation prescribes the applicable financial reporting framework.Obtain managements agreement that it acknowledges and understands its responsibilities for the following. Preparing the financial statements
27、in accordance with the applicable financial reportingframework Internal control that is necessary to enable the preparation of financial statements whichare free from material misstatement Providing the auditor with access to all information of which management is aware that isrelevant to the prepar
28、ation of the financial statements, with additional information that theauditor may request, and with unrestricted access to entity staff from whom the auditordetermines it necessary to obtain audit evidenceIf these preconditions are not present, the auditor shall discuss the matter with management.
29、The auditor shall not accept the audit engagement if:The auditor has determined that the financial reporting framework to be applied is not acceptable.Managements agreement referred to above has not been obtained.8.The audit engagement letterForm and content of the audit engagement letterThe audit e
30、ngagement letter shall include the following:The objective and scope of the auditThe auditors responsibilitiesManagements responsibilitiesIdentification of the applicable financial reporting framework for the preparation of the financial statementsReference to the expected form and content of any re
31、ports to be issued by the auditor and astatement that there may be circumstances in which a report may differ from its expected form and content9. Assessing the need for internal auditWe have seen that internal audit can assist an entity in providing effective corporate governance and this may be en
32、ough to prompt an entity to establish an internal audit department. Other factors an entity might consider when assessing the need for an internal audit function include:The cost of setting up an internal audit department versus the predicted benefitPredicted savings in external fees where work carr
33、ied out by consultants will be carried out by the new internal audit departmentThe complexity and scale of the organisations activities and the systems supporting thoseactivitiesThe ability of existing managers and employees to carry out assignments that internal audit may be asked to carry outManag
34、ements perceived need for assessing risk and internal controlWhether it is more cost effective or desirable to outsource the workThe pressure from external stakeholders to establish an internal audit department10. Distinction between internal and external auditThe external audit is focused on the fi
35、nancial statements, whereas the internal audit is focused on the operations of the entire business.711. Professional scepticism, professional judgement and ethicalRequirementsProfessional scepticism is an attitude that includes a questioning mind, being alert to conditions which may indicate possibl
36、e misstatement due to error or fraud, and a critical assessment of audit 8evidence.Professional judgement is the application of relevant training, knowledge and experience in making informed decisions about the courses of action that are appropriate in the circumstances of the audit engagement.Profe
37、ssional scepticismISA 200 states that auditors must plan and perform an audit with an attitude of professional skepticism recognising that circumstances may exist that cause the financial statements to be materially misstated.This requires the auditor to be alert to:Audit evidence that contradicts o
38、ther audit evidence obtainedInformation that brings into question the reliability of documents and responses to inquiries to be used as audit evidenceConditions that may indicate possible fraudCircumstances that suggest the need for audit procedures in addition to those required by ISAsProfessional
39、scepticism needs to be maintained throughout the audit to reduce the risks of overlooking unusual transactions, over-generalising when drawing conclusions, and using inappropriate assumptions in determining the nature, timing and extent of audit procedures and evaluating the results of them.Professi
40、onal scepticism is also necessary to the critical assessment of audit evidence. This includes questioning contradictory audit evidence and the reliability of documents and responses from management and those charged with governance.Professional judgementISA 200 also requires the auditor to exercise
41、professional judgement in planning and performing an auditof financial statements. Professional judgement is required in the following areas:Materiality and audit riskNature, timing and extent of audit proceduresEvaluation of whether sufficient appropriate audit evidence has been obtainedEvaluating
42、managements judgements in applying the applicable financial reporting frameworkDrawing conclusions based on the audit evidence obtained12.Risk assessmentISA 315 requires a discussion among team members that places particular emphasis on how and wherethe financial statements may be susceptible to fra
43、ud.Risk assessment procedures to obtain information in identifying the risks of material misstatement due tofraud shall include the following:Inquiries of management regarding: Managements assessment of the risk that the financial statements may be misstated dueto fraud Managements process for ident
44、ifying and responding to the risk of fraud Managements communication to those charged with governance in respect of its processfor identifying and responding to the risk of fraud Managements communication to employees regarding its views on business practicesand ethical behaviour Knowledge of any ac
45、tual, suspected or alleged fraudInquiries of internal audit for knowledge of any actual, suspected or alleged fraud, and its views on the risks of fraudObtaining an understanding of how those charged with governance oversee managementsprocesses for identifying and responding to the risk of fraud and
46、 the internal control established to9mitigate these risksInquiries of those charged with governance for knowledge of any actual, suspected or alleged fraudEvaluating whether any unusual relationships have been identified in performing analyticalprocedures that may indicate risk of material misstatem
47、ent due to fraudConsidering whether any other information may indicate risk of material misstatement due to fraudEvaluating whether any fraud risk factors are present13. The overall audit strategy and the audit planThe audit strategyThe overall audit strategy sets the scope, timing and direction of
48、the audit, and guides the development of the more detailed audit plan.Examples of items to include in the overall audit strategy could be:Industry-specific financial reporting requirements10Number of locations to be visitedAudit clients timetable for reporting to its membersCommunication between the
49、 audit team and the clientThe audit planThe audit plan converts the audit strategy into a more detailed plan and includes the nature, timing and extent of audit procedures to be performed by engagement team members in order to obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low levelThe audit plan shall include the following:A description of the nature, timin
